Egyptian government pays USD 350m to BG Group

Submitted by Paddy Harris on Mon, 2014-10-06 11:26

06th October 2014

Following the commitment from the Egyptian government to repay outstanding debts to the energy industry, BG Group, a world leader in exploration and LNG, has received a USD 350m payment

Egyptian government pays USD 350m to BG Group

The payment is the result of the government of Egypt raising funds specifically to help repay debts to the oil and gas sector

This reduces the company’s domestic receivables balance in Egypt to around USD 1.2bn.

The payment is the result of the government of Egypt raising funds specifically to help repay debts to the oil and gas sector.

While the group has been impacted by the reduction of LNG exports from Egypt, the company continues to investigate options for increasing the supply of gas and is working with the government on resolving the outstanding receivable balance.